National Bank of Fujairah PJSC (NBF) disclosed its partnership with leading blockchain technology company Ripple via a press release. The partnership would enable NBF to provide smooth cross border payments using the platform of RippleNet. The bank account holders can conduct secure and real-time payments through the blockchain network and it would also enable point-to-point tracking of transactions.
CEO of NBF, Vince Cook, commented that in the ever-changing financial system, monetary institutions of the country like banks must continue to revive and improve the customer’s level of satisfaction. Digitisation has penetrated most of the sectors worldwide, and Bank of Fujairah is optimistic about utilising the blockchain technology for the frictionless transactions of their clients. As technology enhances the speed of execution of fund transfers along with providing end-to-end tracking system improves the transparency during the payments.
RippleNet, which is one of the leading blockchain banking solution offered by Ripple has the potential to allow corporate clients to supervise their finances seamlessly. The team of the network is fully committed to providing the best of financial experience to institutions. The blockchain partner ensures the smooth cross border payments to the bank, which majorly benefits the Indian customers.
The blockchain technology is gaining traction in the modern world to enhance the customer’s experience. On the one hand, blockchain-based networks are looking to support the financial institution while on the other hand, central banks are opening their gates for blockchain providers to improve their banking services.
Ripple has accumulated massive funds since its launch and has signed partnership agreements with over 100 banking clients which include approximately 15 of the world’s top banks. Also, NBF holds positive records to tackle the challenges of cross border payments as it joined forces with primary trading bodies of the region.